436 days ago
In 2020, people used "Buy Now, Pay Later" loans for online shopping, travel bookings, and health and wellness products, showcasing their diverse purchases.
436 days ago
The word that represents the total cost of an item you buy on credit after subtracting the initial down payment is credit cost.
436 days ago
If you don't manage your debt wisely, your credit score will go down, affecting your financial opportunities and stability.
436 days ago
Secured loans are less risky for lenders because they have collateral (like a house or car) that can be sold if the borrower doesn't repay, ensuring the lender can reco....
436 days ago
Taking on high-interest debt is the action most likely to decrease a person's net worth for the next 6 months, while building revenue and increasing assets typically co....
436 days ago
The most likely option is a Dealer - Financed Auto Loan, as it offers a fixed interest rate and is secured by the purchased vehicle.
436 days ago
The website you can visit to request a free credit report from any of the three major bureaus is AnnualCreditReport.com.
436 days ago
Credit card companies must clearly disclose the Annual Percentage Rate (APR), finance charges, payment schedule, total repayment amount, grace period, and penalties to cons....
436 days ago
Putting a red flag on their credit report helps individuals protect against fraud and identity theft, especially if they've been targeted before or had their personal d....
436 days ago
False. Equifax, Experian, and TransUnion are not legally obligated to provide identical information in their credit reports.
436 days ago
False, the FCRA applies to more than just the 3 main credit bureaus, extending to various businesses and organizations dealing with consumer cre....
436 days ago
Partially true. Under the FCRA, credit bureaus must provide free access to credit reports, but they are not required to provide credit scores for free upon request.
436 days ago
True. The FCRA enables individuals to opt-out of credit card promotions tied to their credit history, granting control over their financial information and reducing unsolic....
437 days ago
The monthly interest rate for a 19% APR compounded monthly is approximately 1.583%, calculated by dividing the annual rate by 12.
437 days ago
Late payment of a credit card bill, even if it's 50 days overdue, can impact your credit history for seven years, affecting your creditworthiness.
437 days ago
Taking out a loan with a co-signer means shared responsibility for repayment, where the co-signer becomes legally accountable for the debt, potentially impacting their cred....
